Seychelles government strengthens commitment to facilitate trade for private sector.
Friday 11th January, 2016: Seychelles ratified the new Trade Facilitation Agreement (TFA) on the 11th January 2016 to become the 66th WTO member. This ratification follows the recent establishment of the National Trade Facilitation Committee early in September 2015, which was established with the main aim of intensifying the involvement of the private sector in the formulation of policies and procedures having an impact on Trade Facilitation.
By ratifying the TFA, the government emphasizes its commitments to facilitating trade for the private sector. The ratification of the Agreement is expected to bring along great benefits to Seychelles as it set forth a series of procedures that helps in facilitating and improving the flow of goods as well as increasing the efficiency of border procedures which in return can help lower trade transaction costs. This will bring about benefits for both local consumers and producers and as a result create more innovation and growth within the economy.
Procedures to dynamically facilitate trade are of utmost importance for the development of a country’s trade environment. Measures sets out under the TFA such as improvement of Customs clearance procedures; reduction in excessive documentation requirements; measures to address issues such as lack of transparency in import and export requirements and of cooperation between Customs and other government agencies are deem beneficial to Seychelles trading environment and economy.
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